# Referee Response: FDI Winsorization (p1/p99)

## fdi_inflows_gdp
- Raw: min=-1303.11, max=1709.83
- p1=-10.07, p99=363.53

## fdi_outflows_gdp
- Raw: min=-382.69, max=1509.00
- p1=-18.69, p99=138.95

## Results: Baseline vs Winsorized

| Dep Var | Version | N | R² | Z_1 coef | Z_1 SE | Z_1 p | Sig |
|---|---|---|---|---|---|---|---|
| fdi_inflows_gdp | Raw | 1926 | 0.0149 | 31.0280 | 27.5660 | 0.2605 |  |
| fdi_inflows_gdp | Winsorized | 1926 | 0.0210 | 31.0876 | 32.7924 | 0.3432 |  |
| fdi_outflows_gdp | Raw | 1635 | 0.0158 | 28.2668 | 37.0315 | 0.4454 |  |
| fdi_outflows_gdp | Winsorized | 1635 | 0.0380 | 21.6901 | 25.8534 | 0.4016 |  |

## Full Coefficients (Winsorized)

| Dep Var | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| fdi_inflows_gdp | Z_1 | 31.0876 | 32.7924 | 0.3432 |  |
| fdi_inflows_gdp | Z_2 | -3.7746 | 4.8191 | 0.4336 |  |
| fdi_inflows_gdp | Z_3 | 0.1297 | 0.1932 | 0.5020 |  |
| fdi_inflows_gdp | rgdp_growth | 0.0287 | 0.0480 | 0.5497 |  |
| fdi_inflows_gdp | kaopen | 0.8822 | 0.5646 | 0.1183 |  |
| fdi_outflows_gdp | Z_1 | 21.6901 | 25.8534 | 0.4016 |  |
| fdi_outflows_gdp | Z_2 | -2.6205 | 3.7946 | 0.4899 |  |
| fdi_outflows_gdp | Z_3 | 0.0906 | 0.1518 | 0.5509 |  |
| fdi_outflows_gdp | rgdp_growth | 0.0508 | 0.0318 | 0.1097 |  |
| fdi_outflows_gdp | kaopen | 0.9167 | 0.4367 | 0.0360 | ** |
